Compromise will only embolden the bully: Chinese FM

Chinese Foreign Minister Wang Yi reaffirmed China's commitment to upholding multilateralism and multilateral trade rules on Monday, during BRICS foreign ministers meeting in Rio de Janeiro, Brazil.

Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that the United States pursues unilateralism and prioritizes its own country, placing its own interests above international public interests.

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Compromise will only embolden the bully: Chinese FM

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Compromise will only embolden the bully: Chinese FM

Wang regards it imperative to uphold multilateral trade rules. Having long reaped enormous benefits from free trade, the United States is now using tariffs as leverage to extort exorbitant demands from other nations, he said.

If one chooses to stay silent and compromise, it will only embolden the bullies to push further, Wang warned.

He urged BRICS countries to jointly oppose all forms of protectionism and firmly uphold the rules-based multilateral trading system with the World Trade Organization at its core.

The People's Bank of China (PBOC), the country's central bank, has renewed a bilateral currency swap agreement with the Central Bank of the Republic of Türkiye.

The total value of this agreement is 35 billion yuan (about 4.88 billion U.S. dollars), or 189 billion Turkish lira, the PBOC said in a statement on its website on Friday.

The agreement is valid for three years and can be renewed upon mutual consent, according to the statement.

Meanwhile, the two sides have also signed a memorandum of understanding to establish a yuan clearing arrangement in Türkiye.

These arrangements mark a new stage in China-Türkiye financial cooperation and are expected to facilitate the use of local currencies by enterprises and financial institutions of both countries for cross-border settlements, further promoting and facilitating bilateral trade and investment, the statement said.